Estonia, Financial Services, Transport
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Tuesday, 09.06.2026, 04:46
Estonian transit company Milstrand refuses to pay 1.6 million kroons to SEB
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SEB demands already for a long time 1.6 million kroon from Milstrand for covering the indebted fuel company GT Oil Estonia loan. The bank has also said during the discussion that it would also accept recovery for damages worth 10.7 million kroons.
For the warranty of GT Oil Estonia’s loan, also Milstrand warehouse receipts were submitted in 2005. The receipts affirmed that GT Oil Estonia is keeping fuel in certain amount in Milstrand warehouse.
Milstrand's lawyer Veikko Puolakainen said in court that the given amount of fuel in the receipts hasn’t been in Milstrand warehouse.
The warehouse receipts were ill considered and issued by mistake, Puolakainen said, adding that it was a fictional transaction.
In addition, Poulakainen said that the receipts were sold to fuel company Jetoil which also paid for those. Therefore SEB has nothing to demand or receive from Milstrand.
Poulakainen said that even though the receipt were acting as warranty, Milstrand is not going to take responsibility for the fact that GT Oil Estonia hasn’t been able to repay the loan.
According to Krediidiinfo data, GT Oil Estonia owes SEB 8 million kroons, as well as 600,000 kroons in taxes.
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